From my understanding, the latency difference between DDR3 ICs and GDDR5 ICs is practically nonexistent. The difference comes in the way the memory controllers are optimized for bandwidth, latency be damned, on a GPU (or presumably on the Xeon Phis). Since the memory controller variable stays constant, but the physical distance is decreasing, the latency should decrease.The distance is just one part of the latency. There's also the latency of addressing lines in the arrays inside the memory chips. GDD5 has not great at that.
However, with so many threads, plus decent amounts of cache, RAM latency is not likely a high priority.